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Select committee: Environmental Audit Committee

3rd Special Report - UK Export Finance: Government Response to the Committee’s Nineteenth Report of Session 2017–19

Published 31 October 2019

Environmental Audit Committee UK Export Finance inquiry Report on parliament.uk ↗

At a glance

The government's response

This document responds to 19th Report - UK Export Finance.

This is the government's response, published 31 October 2019.

Summary written by Accountability Index from the government's response. It is not the government's own words.

The government's response describes UK Export Finance (UKEF) work on climate-related risk and disclosure, while it disagrees with ending support for new fossil fuel projects by the end of 2021 and does not agree to ringfencing returned funds.

  • On ending fossil fuel support by the end of 2021, it states this "would not achieve an effective or 'just' transition for UK workers" and "would be too rapid" for the UK's oil and gas industry.
  • It does not agree to ringfence at least 20% of money returned by UKEF, saying hypothecating income "would restrict our ability to respond flexibly to changing priorities".
  • From financial year 2020-21, UKEF will additionally disclose environmental and social risk information, including greenhouse gas emissions, for Category B projects it is asked to support.
  • On climate disclosures, UKEF will make them in its accounts in line with the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations "as soon as practicable following the close of the 2020/21 financial year".

Read the government's response ↗ Report an error

Sources